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Equity Crowdfunding As a Result Issue 1 CUBED Q2 2016 Craft Beer Acquisitions >THE SECOND CROWDFUNDING EXIT Quarterly Roundup >£18M THROUGH THE PLATFORM Meet Our Team >PITCH OF THE QUARTER Contents Foreword 4 About Us 5 Market Leader 6 Food and Drink 28 Crowdcube Insight 40 #FundedClub 54 Investor FAQs 66 In The Cube 70 Darren Westlake (left) and Luke Lang (right) Co-Founders of Crowdcube Foreword About us Welcome to CUBED, our first quarterly publication Since 2011, thanks to our crowd Some of the businesses to raise finance about Crowdcube and the crowdfunding industry. over £150m has been invested on on Crowdcube include Mondo, the Crowdcube (£83m in 2015 alone), mobile-first challenger bank, which When Darren Westlake and I launched Crowdcube five funding over 385 successful raises raised £1m in just 96 seconds (yes that’s years ago, we were the first ever equity crowdfunding as a result. On Crowdcube, everyday right - 96 seconds!), Sugru, the world’s first platform anywhere in the world. In defiance of its investors can invest from just £10, mouldable glue, and household names like relative infancy, crowdfunding has come of age and alongside professionals, angels and Eden Project and River Cottage. is now recognised by many as a mainstream funding Luke Lang some of Europe’s leading venture option. Thanks to investment from our crowd of more Co-Founder capital firms such as Balderton Capital, The world’s first crowdfunded exits have than 270,000 people, hundreds of entrepreneurs have Luke cut his Episode 1 and Index Ventures. also come from businesses to fund on raised the seed-stage investment needed to make their marketing teeth Crowdcube after Camden Town Brewery working for a idea a reality, or secured the capital required to scale successful UK- Investors can handpick the businesses and E-Car Club were sold, delivering their business. based Service they want to back, from startups and Crowdcube investors with a multiple Provider marketing technology and early stage businesses right the way return on their investment. We’ve seen some great success stories from our internet solutions through to more established growth- for businesses. #FundedClub, Crowdcube’s growing network of funded Luke also ran his stage businesses, from a range of sectors. Named as ‘Most Active Investor’ by businesses, which have had a profound social and own marketing Beauhurst, a leading source of data on consultancy that economic impact, creating thousands of jobs and specialised in high-growth companies, Crowdcube expanding in the UK and overseas. This magazine sets digital marketing, is the UK’s first and leading equity B2B marketing out to demonstrate the power of the crowd and all that and marketing crowdfunding platform. can be achieved thanks to your investment. strategy. We hope you enjoy it! 4 5 Bringing you the latest trends, research and predictions for the equity crowdfunding sector from industry experts and commentators, including the London School of Economics. Market Leader. Q1 2016 successful investment Quarterly Roundup in the UK Thanks to the crowd, we’re still leading the way, with 50% of equity crowdfunding investment in the UK going through our platform Despite only being five years young, The rapid and sustained growth of the equity crowdfunding has grown at a equity crowdfunding sector is challenging rapid pace and according to Nesta, it’s the status quo of the finance industry, the second fastest growing alternative not only as a result of a growing number finance sector - up 295% in 2015. of businesses turning to the crowd, but Crowdcube partnerships and collaborations with In March 2016, we announced that over Europe’s leading venture capital firms, £150m has been successfully raised Government-backed funds and global through the platform to date, more brands such as Amazon’s Launchpad, than any other UK platform, firmly all wanting to be part of the industry’s placing Crowdcube as the leading equity success story. Nesta states that the “UK crowdfunding platform. We were also online alternative finance market is growing 50% pleased to report the first successful increasingly complex, fluid and dynamic”. exits in equity crowdfunding were from businesses to fund on Crowdcube: E-Car £18m Club and Camden Town Brewery. This led to investors receiving a multiple return on their investment. Total £36m (Based on Crowdsurfer Data Jan 2016 - March 2016 excluding property crowdfunding platforms) 8 Market Leader | Quarterly Roundup 9 CUBED Quarterly Roundup £ Start-up Early stage Growth £150,000,000 385 270,000 28% 45% 27% Successfully Successful Registered Raised Raises Investors The investment raised through our The most represented sector is The crowdfunded capital has also Crowdcube data forecasts that the platform has resulted in 385 successful technology, followed by internet had a wider economic and social businesses behind the 385 successful rounds, following investment from the businesses and then the food and impact. Equity-based crowdfunding raises are estimated to create more crowd, which now stands at more than beverage sector. To date, 28% of the now represents 15.6% of all UK seed than 7,000 new jobs in the first three 270,000 people. companies that have raised finance and venture-stage equity investment, years post funding. on the platform have been start-ups according to a recent report from Nesta seeking seed-stage investment, with and the University of Cambridge. 72% early or growth stage businesses raising growth capital. 10 Market Leader | Quarterly Roundup 11 CUBED Quarterly Roundup Equity-based Crowdfunding Share of the UK Seed 15.6% Crowdcube has firmly established itself for venture-stage deals and joint third and Venture Stage Equity Investment Market. as market leader. In its report The Deal for growth-stage deals, sharing the 2015-16, Beauhurst, a leading source of accolade with leading European venture data on high-growth companies, named capital firms Balderton Capital and it ‘Most Active Investor‘ for funding the Index Ventures. 9.6% most deals in 2015. The report also listed Crowdcube as the top investor 5.4% Additional stats: The fastest raise: The biggest raise: The £1 million club: Digital banking start-up JustPark, which raised There have been 34 raises 0.7% Mondo, which raised £1m £3.5m in March 2015. over £1m on Crowdcube, 0.3% in just 96 seconds in The business also attracted 24 of which ‘have’ been March 2016. the highest number of since the start of 2015. 2011 2012 2013 2014 2015 investors – 2,702 The biggest single investment: One investor put £1m into Sugru – creator of the world’s first mouldable glue – in July 2015. Government backing: The first crowdfunded The first bond returns: The UK government exits: In 2015, E-Car Club Crowdcube Bonds raised invested £1.25m in nine was acquired by Europe’s over £16m and so far deals via Crowdcube in leading car rental company have paid back a total of (Based on Beauhurst Data 2011-2015) 2015 as a result of its Europcar, then Camden £722,000 in gross interest London Co-Investment Town Brewery sold to the to investors. Fund partnership. world’s biggest drinks company, AB InBev. 12 Market Leader | Quarterly Roundup 13 Writing in Centrepiece, a publication wisdom of the crowd of the Centre for Economic Performance, Estrin and Khavul state that: “The low transaction costs environment” of the Crowdcube platform “brings Crowdfunding investors make economically rational decisions, increasing network effects to bear on investor decisions according to new study from London School of Economics in early stage entrepreneurial finance.” They continue: “As an alternative source of finance, Two-year analysis of Crowdcube The analysis shows that crowdfunding equity crowdfunding appears to have operated in a data shows that the ‘wisdom investors behave in an economically stable and predictable manner through its early period of rational way, making decisions based on emergence [in the UK]…we see no evidence of a stampede of the crowd’ has made information which is shared between effect from investors.” crowdfunding a “robust source the entrepreneur and investors, about of entrepreneurial finance.” company valuation and prospective The LSE professors’ conclusion is that crowdfunding growth, for example. is “a robust source of alternative entrepreneurial A study released by the London finance”, and that the information flow it generates School of Economics (LSE) – Equity The researchers also identified a actually reduces the biases inherent in traditional crowdfunding: a new model for financing collaborative mind-set amongst the forms of early stage entrepreneurial finance. entrepreneurship? – has revealed how investors, with a dynamic exchange crowdfunding investors behave, and of knowledge and interpretation of We’ve always known that investors are smart, and the basis upon which they decide which the available information and data. it’s great to have this confirmed by LSE. The findings businesses to back and how much to However, they found no evidence of quash concerns that the crowd is made up of naïve invest. a ‘herd’ mentality. While investment ‘dabblers’ who stampede into supporting pitches decisions are influenced by what other that seem popular or cool. Crowdfunding is a rational Professor Saul Estrin and Professor investors do, and the signals this gives marketplace, with investors and entrepreneurs Susanna Khavul carried out a two-year about the value and potential of a collaborating and sharing knowledge in a way that independent analysis of a proprietary business, the effect on investment leads to sound, well-informed decisions. dataset gathered from Crowdcube, is gradual rather than explosive and and interviewed investors directly, unstable: Estrin and Khavul found that Crowdfunding’s greatest strength is the diversity of to establish what they call “powerful one pound invested on one day of the the investor community, which builds a collective empirical evidence” on how equity pitch generates an additional 51 pence wisdom that gives the crowd the ability to identify crowdfunding works.
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